Polygon Labs announces Polygon 2.0

2023-6-13 23:27

Polygon Labs, the developer of leading Ethereum Layer 2 scaling solution Polygon, has announced the rollout of Polygon 2.0, a significant upgrade designed to establish the network as the “value layer of the internet.”

“Value Layer”

Polygon 2.0 substantially builds upon the L2 chain’s existing network. Unlike the current version—effectively a Layer 2 sidechain for Ethereum—Polygon 2.0 will be a network of Layer 2 chains powered by ZK proofs that work in tandem as a unified network via a novel cross-chain coordination protocol.

In theory, this will allow the network to support a virtually unlimited number of chains, offering unlimited scalability and unified liquidity.

According to the announcement:

Polygon 2.0 is a network of ZK-powered L2 chains, unified via a novel cross-chain coordination protocol. For a user, the entire network will feel like using a single chain. The network can support a practically unlimited number of chains and cross-chain interactions can happen safely and instantly, without additional security or trust assumptions. Unlimited scalability and unified liquidity.

Zero-Knowledge Proofs (ZKPs) are cryptographic methods whereby one party can prove to another that a statement is true without revealing any information beyond the validity of the statement itself, thus ensuring the privacy and security of each party.

The rollout, the result of over a year’s collaboration among various stakeholders, is to be detailed in the coming weeks. Per the announcement, the Polygon community must also approve the proposal before implementation.

Building on reputation

Polygon, originally known as Matic Network, gained prominence as a Layer 2 scaling solution that executes cheaper, faster transactions that are ultimately secured on the Ethereum blockchain. To date, Layer 2 chains have been critical in scaling blockchain technology by “offloading” individual transactions and ultimately settling on the main chain.

Polygon 2.0 is designed to further enhance these capabilities. According to the company’s blog post, the upgrade will introduce a suite of modules that developers can use to build their own blockchain networks. These modules include consensus and synchronization mechanisms, fraud proofs, and more. The goal is to provide a more flexible and robust platform for decentralized applications (dApps).

The announcement comes within a week of the SEC’s historic charging of two major industry players with securities violations. In its suits against both Coinbase and Binance, the SEC listed Polygon as one of the crypto tokens it considered to be an unregistered security. The SEC did not charge Polygon Labs with wrongdoing or list it as a defendant in either suit.

The post Polygon Labs announces Polygon 2.0 appeared first on CryptoSlate.

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